Bitcoin (BTC) is facing continued pressure as it struggles to surpass the $64,000 mark. Currently, Bitcoin is trading at $61,605 with a market cap of $1.213 trillion, representing a 1.33% decrease. The entire cryptocurrency market is also experiencing selling pressure, particularly Ethereum (ETH), the leading altcoin, which is struggling to maintain its price above $3,000.
Bitcoin Whale Activity Rises
Recent data from on-chain data provider Santiment reveals a significant increase in whale activity for Bitcoin trading between $61,000 and $64,000. Wallet addresses holding between 1,000 and 10,000 BTC have collectively accumulated about $941 million worth of BTC. This accumulation trend indicates a recovery towards the highest holding level seen in the past two weeks.
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Ki Young Ju, the CEO of crypto data platform CryptoQuant, has emphasized that the fundamentals of the Bitcoin Blockchain are strong enough to support a market value three times its current size. According to him, based on the current fundamentals, the price of Bitcoin could easily rise to $265,000.
Crypto analyst Rekt Capital has noted that following Bitcoin’s fourth block reward halving, the bull cycle is expected to slow down as it consolidates below the $70,000 threshold. This slowdown aligns with the historically repeating block reward halving cycle and could potentially continue from mid-September to October 2025.
Ethereum Whale Accumulates $32 Million Worth of ETH
Meanwhile, data from on-chain data provider Lookonchain reveals that a significant investor holding a long position in Ethereum recently withdrew 6,030 ETH worth $18.09 million from the Binance exchange. This withdrawal resulted in the whale accumulating a total of 10,758 ETH worth $32.14 million from Binance since May 2nd.
According to on-chain data, the whale converted the purchased ETH into stETH and deposited it into the decentralized lending protocol Aave. Subsequently, they borrowed $28.5 million worth of stablecoins from Aave to reinvest with the aim of acquiring more ETH.
As of now, Ethereum is trading just below the $3,000 threshold. Experts warn that if ETH fails to maintain these levels, the price could drop as low as $2,700.
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Disclaimer: The information provided in this article is not investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks, and they should conduct their own research.
